BTTB, Teletalk to go public by April next
Monday, 19 November 2007
FE Report
The government has decided to offer shares of the state-owned Bangladesh Telegraph and Telephone Board (BTTB) and the Teletalk, a subsidiary cell phone company of the BTTB, by April next, sources said.
The decision was taken at a meeting Sunday with Finance and Planning Adviser Mirza Azizul Islam was in the chair.
Besides, the meeting decided to offload the greater part of its stakes in the Bangladesh Hotels Limited and the Bangladesh Services Limited within that period, sources added.
"Some decisions were taken on the offloading of the shares of some of the SoEs," the finance and planning adviser told waiting newsmen after the meeting. But he refused to disclose the names.
The governor of the Bangladesh Bank, the chairman of the Security Exchange Commission and high officials of the Ministry of Finance (MOF) and other relevant ministries and SoEs were present at the meeting.
Sources said modalities of offloading shares of the BTTB, the Teletalk and the hotels are likely to be worked out at the next meeting.
The meeting instructed the management of the SoEs to update their accounts, which, it said, was essential for offloading their shares.
The meeting also discussed the possibility of offering shares of the Bangladesh Biman and some other SoEs to the general investors. It, however, did not take any concrete decisions on them, sources added.
Investment Corporation of Bangladesh (ICB), the public sector investment body, in April last identified more than a dozen government entities suitable for divestment.
The work on offloading of shares of some of the public sector entities is already in progress as per recommendations of the ICB.
Two oil companies-Jamuna and Meghna--, Bangladesh Shilpa Rin Sangstha and Titas Gas are in the process of hitting the stock market through direct listing soon.
The government wants to make both loss-making and profit-earning SoEs public as part of its ongoing reform programme.
The government has decided to offer shares of the state-owned Bangladesh Telegraph and Telephone Board (BTTB) and the Teletalk, a subsidiary cell phone company of the BTTB, by April next, sources said.
The decision was taken at a meeting Sunday with Finance and Planning Adviser Mirza Azizul Islam was in the chair.
Besides, the meeting decided to offload the greater part of its stakes in the Bangladesh Hotels Limited and the Bangladesh Services Limited within that period, sources added.
"Some decisions were taken on the offloading of the shares of some of the SoEs," the finance and planning adviser told waiting newsmen after the meeting. But he refused to disclose the names.
The governor of the Bangladesh Bank, the chairman of the Security Exchange Commission and high officials of the Ministry of Finance (MOF) and other relevant ministries and SoEs were present at the meeting.
Sources said modalities of offloading shares of the BTTB, the Teletalk and the hotels are likely to be worked out at the next meeting.
The meeting instructed the management of the SoEs to update their accounts, which, it said, was essential for offloading their shares.
The meeting also discussed the possibility of offering shares of the Bangladesh Biman and some other SoEs to the general investors. It, however, did not take any concrete decisions on them, sources added.
Investment Corporation of Bangladesh (ICB), the public sector investment body, in April last identified more than a dozen government entities suitable for divestment.
The work on offloading of shares of some of the public sector entities is already in progress as per recommendations of the ICB.
Two oil companies-Jamuna and Meghna--, Bangladesh Shilpa Rin Sangstha and Titas Gas are in the process of hitting the stock market through direct listing soon.
The government wants to make both loss-making and profit-earning SoEs public as part of its ongoing reform programme.